NICOSIA - The newly appointed Governor of the Central Bank of Cyprus Panicos Demetriadesparticipated on Thursday, for the first time, in the Governing Council meeting of the European Central Bank,  held in Barcelona.

According to sources of Cyprus News Agency, Demetriades departed on Wednesday from Birmingham to Barcelona, via Paris. Demetriades will be accompanied by a Senior Director of the Cyprus Central Bank.

The Governing Council meeting of the European Central Bank, it is expected to decide to maintain the euro interest rate at 1%.

Panicos Demetriades, a professor of financial economics at the University of Leicester in Britain, succeeded Athanasios Orphanides, whose five-year term leading the Central Bank ended on May 2.